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Low exchange rate for Argentina

agustina-gil
Active Member
Agustina G Member Since: Feb 17, 2018
1 of 13

Hi All 

 

I know this question has been asked already but due to current events I need to ask again:

 

So currently 1USD = 57.60ARS (estimate). I do Upwork to Local Bank transfer. I know Upwork is not a bank and have their fees, and so does my bank so I don't expect to receive that exact exchange. However, Upwork has marked the exchange rate at 48.0188 ARS/USD as of Aug 14, 2019 16:00 UTC.

 

Why is it so low? My bank Galicia has it at 1USD = 56ARS - again, I know there are fees involved, but I would expect it to be around 51ARS minus fees. 

It confuses me also, because I know the bank will set an exchange rate at the time of the operation, so then should I expect to receive my payment with an exchange rate of 48ARS (Upwork) OR 56ARS (my local bank)?

 

Usually all is good wih regards to this, but since the currency changed a lot since Monday, and I withdraw my payment on Tuesdays, I was wondering why it took so long to update the exchange rate, and why it was low. 

 

Thanks for your patience! 

gaucho76
Community Leader
Fabio D Member Since: Feb 19, 2015
2 of 13

Do NOT use Bank Transfer, otherwise you're set for big losses. The best way for Argentina is Payoneer. You'll still lose around 10-12% when all is said and done, but it's a lot less than going through bank fees and currency conversion which will sum up to 20%. And 20% in dollars is outrageous, as you probably know.

 

Alternatively, use Paypal + Nubi. It's more or less the same as Payoneer, but you'll be subject to AFIP's scrutiny on every transaction and you risk not to get the money if they don't authorize it

agustina-gil
Active Member
Agustina G Member Since: Feb 17, 2018
3 of 13

Thanks for your reply! 

 

I used to always use Paypal --> Nubi - but I stopped because it would take me longer to get my money, AND we have so many delays from public holidays, so I just switched and now it takes a day for me to get it. 

I guess if I suddenly start losing more money, I'll go back to Nubi.

 

Thanks for your advice!

miguelangelux2
Active Member
Miguel T Member Since: Jun 25, 2018
4 of 13

Hey there, I'm getting here kind of late, but I just want to know how much is the actual rate to local banks on Upwork, or if you now have a better way, please let me know, my Mom's son is creating her Upwork account and she is currently in Argentina.

 

I'd like to know the best way to change the money from Upwork to argentinian pesos.

 

Thanks!

petra_r
Community Guru
Petra R Member Since: Aug 3, 2011
5 of 13

Miguel T wrote:

my Mom's son is creating her Upwork account and she is currently in Argentina.


"your mom's son" should not be doing anything at all with her account. Only the person whose account it is should touch it.

In other words, nobody other than your mom is allowed to create her Upwork account.

luiggi_rosado
Moderator
Luiggi R Moderator Member Since: Jul 3, 2020
6 of 13

Hi Miguel,

 

You may want to consult your local financial institution for the conversion rates to your local currency. Additionally, as a friendly reminder, sharing account information is a serious violation of the Upwork Terms of Service.

 

Thank you.

~ Luiggi
Upwork
dr-ian-paul
Active Member
Dr Ian P Member Since: Aug 4, 2019
7 of 13

Contraryer to what people believe, the exhchange rate isn't always accurate on google.  It's actually estimated to be about 10-20% higher than what the actual rates are.  But when you are transferring through a bank, the exchange rate will change dramatically at times.  Which they always have to lower the rate cost to the customer, to cover any differences.  There are some issues when the sending bank transfers at ~50, then when the bank receives it within 2-4 days of processing, the new rate is set at ~56.  That means your local bank has lost money because they are paying more on the days after the transfer, because the exchange increased.  So companies all lower the rate, just to cover any costs.

But on the other hand it's smarter for companies to do that, because this is how they also make money.  As you are seeing with your transfer.  Which is ridiculous coming from upwork to begin with, since Upwork is NOT a bank and shouldn't have any hand in the money in the exchange at all.  But, their policies are getting to be more warped with the money hunger.   I mean, we have to pay for connects now and don't get any way to get free bids.  -_-  Which was a horrible business stradegy.  Its funny how a lot of basic ethics go out the window.   Charge higher rates.  Get lower clients and customer transactions.  Or lower rates and raise 300% customer trasnactions....   Common sense in freelance work.

agustina-gil
Active Member
Agustina G Member Since: Feb 17, 2018
8 of 13
I get it, I know there are fees and all that. So. I expect the rate to be lower than the official rate.

However, today the oficial rate closed at USD1=ARS61. My bank closed it at ARS58. Excluding all processing fees, I would expect to be charged at ARS52-55 and yet Upwork offers ARS48.

If its just an estimate then why is it there if in the end Upwork doesn't set the oficial rate, yet that's the rate that my money comes in?
Who's rate will I get when I get my money? (usually takes a day to process and the rate hasn't fluctuated crazily for 3 days)

Like I said above, all has been good lately until now. I've been using this method for months and I don't want to have to keep changing methods because I keep losing money like this.
sabrinaitur
Active Member
Sabrina I Member Since: May 4, 2016
9 of 13

I'm wondering the same, but I think we just need to wait a few days. Last time it took a few days to update the currency properly. May be next week we can have a "normal" exchange rate. The market is still too irregular.

 

Anyway, if you don't plan to buy dollars, I still think that direct bank is the best way to get our money. Normally it just takes around 5% of our money. Again, if you're not planning on buying dollars.

 

Let's hope they update it quickly!! 

diego_gil
Active Member
Diego G Member Since: Dec 5, 2019
10 of 13

These last two week  I am seeing a 28% local comission fee on top of upwork already unfavourable exchange rate on the final amount transfered to my local bank account.

 

Needless to say I will change my payment method to something else as is impossible to work with these kind of comissions. I also believe that the platform should state somewhere that such large fees may apply. When it says that local fees may apply one expects something in the lines of 5 to 10% but not 28%.

Does anyone else is seeing this lately in their transfer to local bank account?

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